Payment Description Enter a phrase that sums up the purpose of the payment code: "Financial Aid," for example. This description displays on transactions, inquiries, statements, etc.

Fee Description Select a fee to associate with this payment code for general ledger posting. You can set up fees in the Define Lists window.

Default Frequency/Amount Enter the frequency and amount to use when assigning this code to customers. These are only defaults, and you can change them on a customer-by-customer basis after they are assigned.

Transfer from scholarship account If setting up a payment credit for a scholarship, you can post a scholarship transfer when posting the credit. You could use this if the scholarship money is currently held in a liability or restricted account in the general ledger and you would like to move it to the revenue account of the invoice to which the credit will be applied. Whether cash or accrual, the transfer debits the scholarship account and credits the invoice's income account.